In the Yuma, AZ market in February, new home closings fell year-over-year, and the decline was by a larger percentage than the January 2016. New home closings moved from 12 a year earlier to 2 after the figure moved from 8 in January 2015 to 4 in January 2016.
New home closings represented 2 out of the 148 total closings, which is a smaller percentage than the 12 of 194 total closings a year earlier. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $173,325, compared with $230,203 last year. This was on the heels of a 15.1% decline in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $219,238 to $143,374. Average mortgage size on new homes went from $185,997 in January 2015 to $141,628 in January 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 24.7% of existing home closings, below 29.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.7% in February from 12.1% a year earlier while REO closings as a percentage of existing home closings dropped to 11.0% from 17.6% a year earlier.